Terex price target raised to $65 from $57 at Baird

Baird analyst Mircea Dobre raised the firm’s price target on Terex to $65 from $57 but keeps a Neutral rating on the shares. The analyst cites the company’s operating beat and raised 2023 guidance while noting that the management attributes the decline in backlog to improved ability to deliver product amid resolving supply chain and not indicative of softer demand. Terex is seeing strong execution but as shipments continue exceeding order intake, future pressure on production seems likely, with margins also potentially normalizing, Baird added.